Baroness Brady is taking over as the prominent barrister Lord Grabiner confirms he is stepping down from the role. Grabiner has spent 15 years leading the Taveta board, which came under fire from MPs for providing “weak” corporate governance that contributed “substantially” to the demise of BHS.

Lord Grabiner was paid £125,000 per year in his role as Chairman and Brady will be looking to receive a similar package if not better.

The previous Chairman explained to a Select Committee that his role involved Chairing eleven Board meetings per year plus two audit meetings each of two hours in length.

So £125,000 for a 26 hour year sounds a great job at £4,807 per hour. Not even West Ham highest paid footballer gets that hourly rate.

Taveta is the company that owns Sir Philip’s Arcadia retail empire, whose brands include Topshop, Dorothy Perkins and Burton. Arcadia employs more than 24,000 people and has an annual turnover of more than £2bn.

Sir Philip came under severe criticism from MPs, who called for him to be stripped of his knighthood.

Earlier this year, he agreed to pay £363m to plug a hole in BHS retirement schemes.

Brady has been on the Taveta board as non-executive director since 2010.

Brady said: “I look forward to working with my colleagues as we concentrate on driving the Arcadia brands forward on their global expansion.”

Earlier this month Brady was pictured with her husband holidaying on Sir Philip Green’s £115m yacht.